Toomey: Reforms needed before debt-ceiling vote

From NBC’s Lauren StephensonSen. Pat Toomey (R-PA) appeared on "Andrea Mitchell Reports" this afternoon to discuss the impending decision to raise the debt ceiling. Toomey said "the big divide here is between an administration that wants us to raise the debt ceiling with no conditions and no change in policy -- and those of us, like myself, who think we should raise the debt ceiling, provided that we have some structural and process reforms."

Toomey disagreed with Treasury Secretary Geithner's analogy that not raising the debt ceiling is like defaulting on your mortgage or credit card bills. "That analogy, of course, totally obscures the fact that both your mortgage and your credit card are debts that you have incurred."

The Republican said he has a better analogy: "A family that has been living beyond its means and run up huge debt would have to make some tough decisions, like maybe laying off the nanny, not going on an expensive vacation. Maybe they would have to make some cuts."

While the Pennsylvania senator intends to release his own budget proposal, he was complimentary of House Budget Committee Chairman Paul Ryan's plan stating it is "bold and courageous, and has very substantive and very constructive reforms of the kind we need."

The senator did not give specific details of his proposal, saying it is "a work in progress."